-34-PledgeandIrrevocableProxySecurityAgreement抵押及不可撤銷保證協(xié)議核心提示：THISPLEDGEANDIRREVOCABLEPROXYSECURITYAGREEMENTismadeandenteredintoasofthe_________(M/D/Y),byAAAINC.,a_________(STATE)corporation(hereinaftercalledPledgor),whosechiefexecutiveoffice(orresidenceifPledgorisanindividuaTHISPLEDGEANDIRREVOCABLEPROXYSECURITYAGREEMENTismadeandenteredintoasofthe_________(M/D/Y),byAAAINC.,a_________(STATE)corporation(hereinaftercalledPledgor),whosechiefexecutiveoffice(orresidenceifPledgorisanindividualwithoutanoffice)islocatedat_________,infavorofBBBBANK,NATIONALASSOCIATION,anditssuccessorsandassigns,foritselfandasagentforoneormoreLenders(ashereinafterdefined)(hereinaftercalledSecuredParty),whoseaddressis_________,Attention:_________.1.RECITALS1.1SecuredPartyhasagreedtomakecertainfinancialaccommodationstoPledgor.1.2SecuredParty’sagreementtomakefinancialaccommodationstoPledgorisconditioneduponSecuredParty’sreceivingapledgeandsecurityinterestinallstockandsecuritiesissuedbythecorporationslistedonScheduleAattachedhereto(hereinafterwhenreferredtointhiscapacitycalledtheCompany),nowownedorhereafteracquiredbyPledgor.1.3PledgoristheownerofsharesofthestockofeachCompanyasshownonScheduleAthatPledgordesirestopledgetoSecuredPartyinconnectionwithSecuredParty’sfinancialaccommodationstoPledgor.2.PLEDGEOFSTOCK2.1Pledgorherebyassigns,transfers,pledgesanddeliverstoSecuredPartyandgrantsSecuredPartyasecurityinterestinallissuedandoutstandingstockintheCompanynowownedorhereafteracquiredbyPledgor,includingwithoutlimitationthestockdescribedonScheduleAattachedheretoandbythisreferencemadeaparthereof,togetherwithallearningsthereon,alladditionsthereto,allproceedsthereoffromsaleorotherwise,allsubstitutionstherefor,andallsecuritiesissuedwithrespecttheretoasaresultofanystockdividend,stocksplit,warrantsorotherrights,reclassification,readjustmentorotherchangeinthecapitalstructureoftheCompany,andthesecuritiesofanycorporationorotherpropertiesreceivedupontheconversionorexchangethereofpursuanttoanymerger,consolidation,reorganization,saleofassetsorotheragreementorreceiveduponanyliquidationoftheCompanyorsuchothercorporation(allhereinaftercalledthePledgedSecurities).2.2UpontheexecutionofthisAgreement,PledgorshalldelivertoSecuredPartycertificatesforthePledgedSecurities,togetherwithappropriatestocktransferpowerstherefordulyexecutedbyPledgorinblankintheformofExhibit1attachedhereto.Immediatelyuponreceipt,PledgorshalldelivertoSecuredPartyallcertificatesandotherevidencesofthePledgedSecuritiesthatcomeintothepossession,custodyorcontrolofPledgor,togetherwithappropriatestocktransferpowerstherefordulyexecutedbyPledgorinblank,andanyotherpropertyconstitutingpartofthePledgedSecurities,freeandclearofanypriorlien,claim,chargeorencumbrance.2.3SecuredPartymayreceive,holdand/ordisposeofthePledgedSecuritiessubjectandpursuanttoalltheterms,conditionsandprovisionshereofandoftheLoanAgreement(definedbelow)untiltheObligation(definedbelow)hasbeendischargedinfull.SecuredPartyisherebyauthorizedandempoweredtotakeanyandallactionwithrespecttosuchpropertyasauthorizedhereunder.InitsdiscretionandwithoutnoticetoPledgor,SecuredPartymaytakeanyoneormoreofthefollowingactions,withoutliabilityexcepttoaccountforpropertyactuallyreceivedbyit:(a)transfertoorregisterinitsnameorthenameofitsnomineeanyofthePledgedSecurities,withorwithoutindicationofthesecurityinteresthereincreated,andwhetherornotsotransferredorregistered,receivetheincome,dividendsandotherdistributionsthereonandholdthemorapplythemtotheObligationinanyorderofpriority;(b)exerciseorcausetobeexercisedallvotingandcorporatepowerswithrespecttoanyofthePledgedSecuritiessoregisteredortransferred,includingallrightsofconversion,exchange,subscriptionoranyotherrights,privilegesoroptionspertainingtosuchPledgedSecurities,asiftheabsoluteownerthereof;(c)insureanyofthePledgedSecurities;(d)exchangeanyofthePledgedSecuritiesforotherpropertyuponareorganization,recapitalizationorotherreadjustmentand,inconnectiontherewith,depositanyofthePledgedSecuritieswithanycommitteeordepositaryuponsuchtermsastheSecuredPartymaydetermine;(e)initsname,orinthenameofPledgor,demand,suefor,collectorreceiveanymoneyorpropertyatanytimepayableorreceivableonaccountof,orinexchangefor,anyofthePledgedSecuritiesand,inconnectiontherewith,endorsenotes,checks,drafts,moneyorders,documentsoftitleorotherevidencesofpayment,shipmentorstorageinthenameofPledgor;and(f)makeanycompromiseorsettlementdeemedadvisablewithrespecttoanyofthePledgedSecurities.SecuredPartyshallbeundernodutytoexercise,ortowithholdtheexerciseof,anyoftherights,powers,privilegesandoptionsexpresslyorimplicitlygrantedtoSecuredPartyinthisAgreement,andshallnotberesponsibleforanyfailuretodosoordelayinsodoing.3.OBLIGATIONSECUREDThisAgreementshallsecure,insuchorderofpriorityasSecuredPartymayelect:(a)Paymentoftheaggregatesumof$,_________accordingtothetermsofthoseRevolvingPromissoryNotesdated_________(M/D/Y),eachmadebyCCCCompany,a_________(STATE)corporation(thePriorBorrower)towhichPledgoristhesuccessorininterest,payablerespectivelytotheorderofoneoftheLenders,eachevidencingarevolvinglineofcredit,alloranypartofwhichmaybeadvancedtoPledgor,repaidbyPledgorandreadvancedtoPledgor,fromtimetotime,subjecttothetermsandconditionsthereof,withinterestthereon,extensionandotherfees,latecharges,prepaymentpremiumsandattorneys’fees,accordingtothetermsthereof,andallextensions,modifications,renewalsorreplacementsthereof(hereinaftercalledtheRLCNotes);(b)Paymentofthesumof$,_________,accordingtothetermsofthatRevolvingPromissoryNotedated_________(M/D/Y),madebythePriorBorrower,payabletotheorderofSecuredPartyastheSwingLineLender,evidencingarevolvinglineofcredit,alloranypartofwhichmaybeadvancedtoPledgor,repaidbyPledgorandreadvancedtoPledgor,fromtimetotime,subjecttothetermsandconditionsthereof,withinterestthereon,extensionandotherfees,latecharges,prepaymentpremiumsandattorneys’fees,accordingtothetermsthereof,andallextensions,modifications,renewalsorreplacementsthereof(hereinaftercalledtheSwingLineNoteandwiththeRLCNotes,theNote);(c)Payment,performanceandobservancebyPledgorofeachcovenant,condition,provisionandagreementcontainedinthatCreditAgreementdatedJune30,1998,byandbetweenthePriorBorrower,andthelenderslistedfromtimetotimetherein(collectively,theLenders),andSecuredParty,asArranger,AdministrativeAgent,IssuingBankandSwingLineLender(hereinaftercalledtheCreditAgreement)andofallmoniesexpendedoradvancedbySecuredPartypursuanttothetermsthereofortopreserveanyrightofSecuredPartythereunder;(d)Payment,performanceandobservancebyPledgorofeachcovenant,condition,provisionandagreementcontainedhereinandofallmoniesexpendedoradvancedbySecuredPartypursuanttothetermshereof,ortopreserveanyrightofSecuredPartyhereunder,ortoprotectorpreservetheCollateraloranypartthereof;and(e)Paymentandperformanceofanyandallotherindebtedness,obligationsandliabilitiesofPledgortoSecuredPartyofeverykindandcharacter,directorindirect,absoluteorcontingent,dueortobecomedue,nowexistingorhereafterincurred,whethersuchindebtednessisfromtimetotimereducedandthereafterincreasedorentirelyextinguishedandthereafterreincurred.AlloftheindebtednessandobligationssecuredbythisAgreementarehereinaftercollectivelycalledtheObligation.4.REPRESENTATIONSANDWARRANTIESOFPLEDGORPledgorherebyrepresentsandwarrantsthat:4.1IfPledgorisacorporation,partnershiportrust,it(i)isdulyorganized,validlyexistingandingoodstandingunderthelawsofthestateinwhichitisorganized;(ii)isqualifiedtodobusinessandisingoodstandingunderthelawsofeachstateinwhichitisdoingbusiness;(iii)hasfullpowerandauthoritytoownitspropertiesandassetsandtocarryonitsbusinessasnowconducted;and(iv)isfullyauthorizedandpermittedtoexecuteanddeliverthisAgreement.Theexecution,deliveryandperformancebyPledgorofthisAgreementandallotherdocumentsandinstrumentsrelatingtotheObligationwillnotresultinanybreachofthetermsandconditionsof,norconstituteadefaultunder,anyagreementorinstrumentunderwhichPledgorisapartyorisobligated.Pledgorisnotindefaultintheperformanceorobservanceofanycovenants,conditionsorprovisionsofanysuchagreementorinstrument.4.2TheaddressofPledgorsetforthatthebeginningofthisAgreementisthechiefexecutiveofficeofPledgor(orPledgor’sresidenceifPledgorisanindividualwithoutanoffice).4.3ThePledgedSecuritiesareandshallbedulyandvalidlyissuedandpledgedinaccordancewithapplicablelaw,andthisAgreementshallnotcontraveneanylaw,agreementorcommitmentbindingPledgorortheCompany,andPledgorshalldefendtheright,title,lienandsecurityinterestofSecuredPartyinandtothePledgedSecuritiesagainsttheclaimsanddemandsofallpersonsandotherentitieswhatsoever.4.4Pledgorhastheright,powerandauthoritytoconveygoodandmarketabletitletothePledgedSecurities;andthePledgedSecuritiesandtheproceedsthereofareandshallbefreeandclearofallclaims,mortgages,pledges,liens,encumbrancesandsecurityinterestofeverynaturewhatsoeverotherthanasimposedherebyorassetforth,ifatall,onScheduleAattachedhereto.5.IRREVOCABLEPROXY5.1PledgorirrevocablyconstitutesandappointsSecuredParty,whetherornotthePledgedSecuritieshavebeentransferredintothenameofSecuredPartyoritsnominee,asPledgor’sproxywithfullpower,inthesamemanner,tothesameextentandwiththesameeffectasifPledgorweretodothesame,inthesolediscretionofSecuredParty:(a)TocallameetingofthestockholdersoftheCompanyandtovotethePledgedSecurities,toseektheconsentofsuchstockholders,toremovethedirectorsoftheCompany,oranyofthem,andtoelectnewdirectorsoftheCompany,whothereaftershallmanagetheaffairsoftheCompany,operateitspropertiesandcarryonitsbusiness,andotherwisetakeanyactionwithrespecttothebusiness,propertiesandaffairsoftheCompanythatsuchnewdirectorsshalldeemnecessaryorappropriate,including,butnotlimitedto,themaintenance,repair,renewaloralterationofanyorallofthepropertiesoftheCompany,theleasing,subleasing,saleorotherdispositionofanyorallofsuchproperties,theborrowingofmoneyonthecreditoftheCompany(whetherfromSecuredPartyorothers)thatinthejudgmentofsuchnewdirectorsshallbenecessarytopreserveanyofsuchpropertiesortodischargetheobligationsoftheCompany,andtheemploymentofanyorallagents,attorneys,counsel,orotheremployeesasdeemedbysuchnewdirectorstobenecessaryfortheproperoperationorconductofthebusiness,propertiesandaffairsoftheCompany;(b)ToconsenttoanyandallactionsbyorwithrespecttotheCompanyforwhichconsentofthestockholdersoftheCompanyisormaybenecessaryorappropriate;and(c)Withoutlimitation,todoallthingsthatPledgorcandoorcoulddoasstockholderoftheCompany,givingSecuredPartyfullpowerofsubstitutionandrevocation;provided,however,that(i)theforegoingirrevocableproxyshallnotbeexercisablebySecuredParty,andPledgoraloneshallhavetheforegoingpowers,solongasthereisnoEventofDefaulthereunder,and(ii)thisirrevocableproxyshallterminateatsuchtimeasthisAgreementisnolongerinfullforceandeffect.TheforegoingproxyiscoupledwithaninterestsufficientinlawtosupportanirrevocablepowerandshallbeirrevocableandshallsurvivethedeathorincapacityofPledgor.PledgorherebyrevokesanyproxyorproxiesheretoforegiventoanypersonorpersonsandagreesnottogiveanyotherproxiesinderogationhereofuntilsuchtimeasthisAgreementisnolongerinfullforceandeffect.6.COVENANTSOFPLEDGOR6.1Pledgorshallnotsell,transfer,assignorotherwisedisposeofanyofthePledgedSecuritiesoranyinterestthereinwithoutobtainingthepriorwrittenconsentofSecuredPartyandshallkeepthePledgedSecuritiesfreeofallsecurityinterestsorotherencumbrancesexceptthelienandsecurityinterestsgrantedherein.6.2Pledgorshallpaywhenduealltaxes,assessments,expensesandotherchargeswhichmaybeleviedorassessedagainstthePledgedSecurities.6.3PledgorshallgiveSecuredPartyimmediatewrittennoticeofanychangeinPledgor’snameassetforthaboveandofanychangeinthelocationofPledgor’schiefexecutiveoffice(orresidenceifPledgorisanindividualwithoutanoffice).6.4Pledgor,atitscostandexpense,shallprotectanddefendthePledgedSecurities,thisAgreementandalloftherightsofSecuredPartyhereunderagainstallclaimsanddemandsofotherparties.PledgorshallpayallclaimsandchargesthatintheopinionofSecuredPartymightprejudice,imperilorotherwiseaffectthePledgedSecurities.PledgorshallpromptlynotifySecuredPartyofanylevy,distraintorotherseizure,bylegalprocessorotherwise,ofalloranypartofthePledgedSecuritiesandofanythreatenedorfiledclaimsorproceedingsthatmightinanywayaffectorimpairthetermsofthisAgreement.6.5IfPledgorshallfailtopayanytaxes,assessments,expensesorcharges,tokeepallofthePledgedSecuritiesfreefromothersecurityinterests,encumbrancesorclaims,ortoperformotherwiseasrequiredherein,SecuredPartymayadvancethemoniesnecessarytopaythesameortosoperform.6.6Allrights,powersandremediesgrantedSecuredPartyherein,orotherwiseavailabletoSecuredParty,areforthesolebenefitandprotectionofSecuredParty,andSecuredPartymayexerciseanysuchright,powerorremedyatitsoptionandinitssoleandabsolutediscretionwithoutanyobligationtodoso.Inaddition,if,underthetermshereof,SecuredPartyisgiventwoormorealternativecoursesofaction,SecuredPartymayelectanyalternativeorcombinationofalternativesatitsoptionandinitssoleandabsolutediscretion.AllmoniesadvancedbySecuredPartyunderthetermshereof,allamountspaid,sufferedorincurredbySecuredPartyunderthetermshereofandallamountspaid,sufferedorincurredbySecuredPartyinexercisinganyauthoritygrantedherein,includingreasonableattorneys’fees,shallbeaddedtotheObligation,shallbesecuredhereby,shallbearinterestatthehighestratepayableonanyoftheObligationuntilpaid,andshallbedueandpayablebyPledgortoSecuredPartyimmediatelywithoutdemand.6.7SecuredPartyshallusesuchreasonablecareinhandling,preservingandprotectingthePledgedSecuritiesinitspossessionasitusesinhandlingsimilarpropertyforitsownaccount.SecuredParty,however,shallhavenoliabilityfortheloss,destructionordisappearanceofanyPledgedSecuritiesunlessthereisaffirmativeproofofalackofduecare;thelackofduecareshallnotbeimpliedsolelybyvirtueofanyloss,destructionordisappearance.SecuredPartyshallnotberequiredtotakeanystepsnecessarytopreserveanyrightsinthePledgedSecuritiesagainstpriorpartiesortoprotect,perfect,preserveormaintainanysecurityinterestgiventosecurethePledgedSecurities.6.8ImmediatelyupondemandbySecuredParty,PledgorshallexecuteanddelivertoSecuredPartysuchotherandadditionalapplications,acceptances,stockpowers,authorizations,irrevocableproxies,dividendandotherorders,chattelpaper,instrumentsorotherevidencesofpaymentandsuchotherdocumentsasSecuredPartymayreasonablyrequesttosecuretoSecuredPartytherights,powersandauthoritiesintendedtobeconferreduponSecuredPartybythisAgreement.AllassignmentsandendorsementsbyPledgorshallbeinsuchformandsubstanceasmaybesatisfactorytoSecuredParty.7.EVENTSOFDEFAULT;REMEDIES7.1EventofDefaulthereundershallmeananyEventofDefaultasdefinedintheLoanAgreement.7.2UpontheoccurrenceofanyEventofDefaultandatanytimewhilesuchEventofDefaultiscontinuing,SecuredPartyshallhavethefollowingrightsandremediesandmaydooneormoreofthefollowing:(a)DeclarealloranypartoftheObligationtobeimmediatelydueandpayable,andthesame,withallcostsandcharges,shallbecollectiblethereuponbyactionatlaw;(b)TransferthePledgedSecuritiesoranypartthereofintoitsownnameorthatofitsnomineesothatSecuredPartyoritsnomineemayappearofrecordasthesoleownerthereof;(c)VoteanyorallofthePledgedSecuritiesandgiveallconsents,waiversandratificationsinrespectthereofandotherwiseactingwithrespecttheretoasthoughitweretheabsoluteownerthereof;(d)Exerciseanyandallrightsofconversion,exchange,subscription,oranyotherrights,privilegesoroptionspertainingtoanyofthePledgedSecuritiesincluding,butnotlimitedto,therighttoexchange,atitsdiscretion,anyorallofthePledgedSecuritiesuponthemerger,consolidation,reorganization,recapitalizationorotherreadjustmentoftheCompanyorupontheexercisebyPledgororSecuredPartyofanyright,privilegeoroptionpertainingtoanyofthesharesofthePledgedSecurities,andinconnectiontherewithtodepositanddeliversuchsharesofPledgedSecuritieswithanycommittee,depository,transferagent,registraroranyotheragencyuponsuchtermsasSecuredPartymaydeterminewithoutliabilityexcepttoaccountforthepropertyactuallyreceivedbyit;(e)ReceiveandretainanydividendorotherdistributiononaccountofthePledgedSecurities;and(f)SellanyorallofthePledgedSecuritiesinaccordancewiththeprovisionshereof;butSecuredPartyshallhavenodutytoexerciseanyoftheaforesaidrights,privilegesoroptionsandshallnotberesponsibleforanyfailuretodosoordelayinsodoing.Pledgorwaivesallrightstobeadvisedortoreceiveanynotices,statementsorcommunicationsreceivedbySecuredPartyoritsnomineeastherecordownerofalloranyofthePledgedSecurities.AnycashreceivedandretainedbySecuredPartyasadditionalcollateralhereundermaybeappliedtopaymentinthemannerprovidedinSubparagraph7.3(c)below.7.3InconnectionwithSecuredParty’srighttosellanyorallofthePledgedSecurities,upontheoccurrenceofanyEventofDefaultandatanytimewhilesuchEventofDefaultiscontinuing:(a)(i)SecuredPartyshallhavetherightatanytimeandfromtimetotimetosell,resell,assignanddeliver,initsdiscretion,alloranypartofthePledgedSecuritiesinoneormoreunits,atthesameordifferenttimes,andallright,titleandinterest,claimanddemandtherein,andrightofredemptionthereof,atprivatesale,oratpublicsaletothehighestbidderforcash,uponcreditorforfuturedelivery,Pledgorherebywaivingandreleasingtothefullestextentpermittedbylawanyandallequityorrightofredemption.IfanyofthePledgedSecuritiesaresoldbySecuredPartyuponcreditorforfuturedelivery,SecuredPartyshallnotbeliableforthefailureofthepurchasertopurchaseorpayforsame,and,intheeventofanysuchfailure,SecuredPartymayresellsuchPledgedSecurities.InnoeventshallPledgorbecreditedwithanypartoftheproceedsofthesaleofanyPledgedSecuritiesuntilcashpaymentthereofhasactuallybeenreceivedbySecuredParty.(ii)Nodemand,advertisementornotice,allofwhichareherebyexpresslywaived,shallberequiredinconnectionwithanysaleorotherdispositionofalloranypartofthePledgedSecuritiesthatthreatenstodeclinespeedilyinvalueorthatisofatypecustomarilysoldonarecognizedmarket;otherwiseSecuredPartyshallgivePledgoratleastfive(5)days’priornoticeofthetimeandplaceofanypublicsaleorofthetimeafterwhichanyprivatesaleorotherdispositionsaretobemade,whichPledgoragreesisreasonable,allotherdemands,advertisementsandnoticesbeingherebywaived.Uponanysale,whetherunderthisAgreementorbyvirtueofjudicialproceedings,SecuredPartymaybidforandpurchaseanyorallofthePledgedSecuritiesand,uponcompliancewiththetermsofthesale,mayhold,retain,possessanddisposeofsuchitemsinitsownabsoluterightwithoutfurtheraccountability,andaspurchaseratsuchsale,inpayingthepurchaseprice,mayturninanynoteornotesheldbySecuredPartyinlieuofcashuptotheamountthatwould,upondistributionofthenetproceedsofsuchsaleinaccordancewithSubparagraph7.3(c)hereof,bepayabletoSecuredParty.Incasetheamountsopayablethereonshallbelessthantheamountduethereon,thenoteornotesturnedin(inlieuofcash)shallbereturnedtotheholderthereofafterbeingproperlystampedtoshowthepartialpaymenteffectedbysuchpurchase.(b)PledgorrecognizesthatSecuredPartymaybeunabletoeffectasaletothepublicofallorapartofthePledgedSecuritiesbyreasonofprohibitionscontainedinapplicablesecuritieslaws,butmaybecompelledtoresorttooneormoresalestoarestrictedgroupofpurchaserswhowillbeobligedtoagree,amongotherthings,toacquiresuchPledgedSecuritiesfortheirownaccount,forinvestmentandnotwithaviewtothedistributionorresalethereof.PledgoragreesthatsalessomademaybeatpricesandothertermslessfavorabletothesellerthanifsuchPledgedSecuritiesweresoldtothepublic,andthatSecuredPartyhasnoobligationtodelaysaleofanysuchPledgedSecuritiesfortheperiodoftimenecessarytopermittheissuerofsuchPledgedSecuritiestoregisterthesameforsaletothepublicunderapplicablesecuritieslaws.Pledgoragreesthatnegotiatedsalesmadeundertheforegoingcircumstancesshallbedeemedtohavebeenmadeinacommerciallyreasonablemanner.(c)InallsalesofPledgedSecurities,publicorprivate,SecuredPartyshallapplytheproceedsofsaleasfollows:(i)First,tothepaymentofallcostsandexpensesincurredhereunderorforthesale,transfer,ordelivery,includingbroker’sandattorneys’fees;(ii)NexttothepaymentoftheObligation;and(iii)Thebalance,ifany,toPledgorortothepersonorpersonsentitledtheretouponproperdemand.7.4SecuredPartyshallhavetheright,forandinthename,placeandsteadofPledgor,toexecuteendorsements,assignmentsorotherinstrumentsofconveyanceortransferwithrespecttoalloranyofthePledgedSecuritiesandanyinstruments,documentsandstatementsthatPledgorisobligatedtofurnishorexecutehereunder.PledgorshallexecuteanddeliversuchadditionaldocumentsasmaybenecessarytoenableSecuredPartytoimplementsuchright.7.5Pledgorshallpayallcostsandexpenses,includingwithoutlimitationcourtcostsandreasonableattorneys’fees,incurredbySecuredPartyinenforcingpaymentandperformanceoftheObligationorinexercisingtherightsandremediesofSecuredPartyhereunder.AllsuchcostsandexpensesshallbesecuredbythisAgreementandbyallotherlienandsecuritydocumentssecuringtheObligation.Intheeventofanycourtproceedings,courtcostsandattorneys’feesshallbesetbythecourtandnotbyjuryandshallbeincludedinanyjudgmentobtainedbySecuredParty.7.6InadditiontoanyremediesprovidedhereinforanEventofDefault,SecuredPartyshallhavealltherightsandremediesaffordedasecuredpartyundertheUniformCommercialCodeandallotherlegalandequitableremediesallowedunderapplicablelaw.NofailureonthepartofSecuredPartytoexerciseanyofitsrightshereunderarisinguponanyEventofDefaultshallbeconstruedtoprejudiceitsrightsupontheoccurrenceofanyotherorsubsequentEventofDefault.NodelayonthepartofSecuredPartyinexercisinganysuchrightsshallbeconstruedtoprecludeitfromtheexercisethereofatanytimewhilethatEventofDefaultiscontinuing.SecuredPartymayenforceanyoneormorerightsorremedieshereundersuccessivelyorconcurrently.ByacceptingpaymentorperformanceofanyoftheObligationafteritsduedate,SecuredPartyshallnottherebywaivetheagreementcontainedhereinthattimeisoftheessence,norshallSecuredPartywaiveeitheritsrighttorequirepromptpaymentorperformancewhendueoftheremainderoftheObligationoritsrighttoconsiderthefailuretosopayorperformanEventofDefault.8.MISCELLANEOUSPROVISIONS8.1TheacceptanceofthisAgreementbySecuredPartyshallnotbeconsideredawaiveroforinanywaytoaffectorimpairanyothersecuritythatSecuredPartymayhave,acquiresimultaneouslyherewith,orhereafteracquireforthepaymentorperformanceoftheObligation,norshallthetakingbySecuredPartyatanytimeofanysuchadditionalsecuritybeconstruedasawaiveroforinanywaytoaffectorimpairtherightandinterestgrantedherein;SecuredPartymayresort,forthepaymentorperformanceoftheObligation,toitsseveralsecuritiesthereforinsuchorderandmannerasitmaydetermine.8.2Withoutnoticeordemand,withoutthenecessityforanyadditionalendorsements,withoutaffectingtheobligationsofPledgorhereunderorthepersonalliabilityofanypersonforpaymentorperformanceoftheObligation,andwithoutaffectingtherightsandinterestsgrantedherein,SecuredParty,fromtimetotime,may:(i)extendthetimeforpaymentofalloranypartoftheObligation,acceptarenewalnotetherefor,reducethepaymentsthereon,releaseanypersonliableforalloranypartthereo